Section 59(2) in The Karnataka State Rural Development and Panchayat Raj University Act, 2016
(2)The amount in the said Fund shall be kept in a Nationalised or Scheduled Bank as defined in the Reserve Bank of India Act, 1934 or in a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Acts of 1970 and 1980 or may be invested in such securities authorized by the Indian Trusts Act, 1982, as may be decided by the Executive Council.
